Wealthy may be next in line in U.S. home crisis

[Arger68]

HINSDALE, Illinois (Reuters) - A house in this wealthy Chicago suburb is far beyond the reach of most Americans.
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Unfortunately, Hinsdale may also now be too expensive for some of the people who already live here.

"There is a section of the population here that over-extended themselves to buy here and then keep up the facade of wealth," said Sharon Sodikoff, a broker associate at local real estate agency Prudential Homelife Realty. "In the next year or so they'll be forced out in dribs and drabs."


http://news.yahoo.com/s/nm/20080117/us_nm/usa_housing_prime_dc;_ylt=AnqLB5R0MdVuMoZp5jIZ_1sDW7oF

[Kittycat]

1. One of my drs is in Hinsdale.

The first time I went there, I was in awe over the homes. Not just the size and beauty, but the fact that they actually had land to put them on. In Naperville they have mcmansions, stuff on 1/4 acre lots or less. Many don't even have backyards, just a bricked drive to pull in to their garage behind the house, with a deck off of the house. Here they had gardens, and structures, carriageways - incredible. Just one after another.

[ursi]

2. I guess they are really just like the rest of us folks ...

[Arger68]

4. The same as us, just with a lot bigger mortgage!

And if their house drops 50% in value, you're talking some serious cash!! I think the most telling thing from this article is this last paragraph: "You won't see many foreclosed homes here because that would involve public embarrassment," Prudential Homelife Realty's Sodikoff said. "But they will call their realtor and get them to quietly broker a deal to get out of their homes."

How many of us "commoners" can just do that??

[Aviation Pro]

3. Sucks to live above your means....

...doesn't it, big spender? How's that SUCKV working for you?

[Hardrada]

5. LOL!